My son and daughter-in-law cannot afford to buy their own place, however, I’ve been thinking of buying a property to rent and let them move into it. Do I have to inform the tax man about this even if the rent won’t totally cover the mortgage initially?
If the rent is at market value and after all of your costs you will be making a loss, then you would be well advised to contact HMRC regarding the completion of a tax return. This way the rental losses will be ‘logged’ and can be carried forward and used when the rental property does start to make a profit.
Rates and thresholds – the government has recently announced the new tax rates and thresholds for next April, which will affect the amount of money going into your pockets.
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